FY2021 10-K Document - FINAL 11 15 21 - Flipbook - Page 74
Table of Contents
SARs are as follows:
Stock Appreciation Rights
Outstanding at October 3, 2020
Granted in 2021
Exercised in 2021
Expired in 2021
Number of
Awards
984,270
90,304
(172,642)
WeightedAverage
Exercise
Price
$
67.07
73.39
57.51
(11,039)
74.39
Forfeited in 2021
Outstanding at October 2, 2021
Exercisable at October 2, 2021
(7,470)
883,423
674,283
WeightedAverage
Remaining
Contractual
Life
Aggregate
Intrinsic
Value
81.43
$
$
69.37
66.20
5.0 years
4.0 years
$
$
9,261
8,922
The aggregate intrinsic value in the preceding tables represents the total pre-tax intrinsic value, based on our closing
price of Class A common stock of $78.56 and Class B common stock of $77.18 as of October 2, 2021. That value
would have been effectively received by the SAR holders had all SARs been exercised as of that date.
The intrinsic value of awards exercised and fair value of awards vested are as follows:
Stock Appreciation Rights
Intrinsic value of SARs exercised
Total fair value of SARs vested
$
$
2021
3,833
2,558
$
$
2020
2,665
2,825
$
$
2019
10,616
2,871
As of October 2, 2021, total unvested compensation expense associated with SARs amounted to $2,511 and will be
recognized over a weighted-average period of two years.
Restricted Stock Units
Performance-Based Awards
PSU awards consist of shares of our stock which are payable upon the determination that we achieve certain
established performance targets and can range from 0% to 200% of the targeted payout based on the actual results.
PSU's granted in 2021 have a performance period of three years. The fair value of each PSU granted is equal to the
fair market value of our common stock on the date of grant. PSUs granted generally have a three years period cliff
vesting schedule; however, according to the grant agreements, if certain conditions are met, the employee (or
beneficiary) will receive a prorated amount of the award based on active employment during the service period.
PSUs are as follows:
Number of
Awards
64,841
28,442
(30,467)
(3,311)
59,505
Performance-Based Restricted Stock Units
Nonvested at October 3, 2020
Granted in 2021
Vested in 2021
Forfeited in 2021
Nonvested at October 2, 2021
WeightedAverage
Grant Date
Fair Value
$
83.11
73.39
80.22
81.80
$
80.02
As of October 2, 2021, total unvested compensation expense associated with nonvested PSUs amounted to $1,990
and will be recognized over a weighted-average period of two years.
The number of Class B common stock to be issued for PSU awards granted in 2019 that vested based on the
achievement of performance targets in 2021, will be approximately 11,500 shares.
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